Omaha daily bee., 1887-07-27
THE SPECULATIVE MARKETS.
Wheat Rebounds From the Great Depres-
sion Of the Last Few Weeks,
PRICES MOVE UP SUDDENLY.
Reports OF Extensive Crop Damage a
Leading Feature IN the Advance
Corn Active and Higher
General Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO. July 25.-[Special Telegram to
the BEE. Wheat reacted sharply to-day and
closed i4@lasc higher than 1t did yeste rday,
the last prices being the best of the day. The
rebound Of the market from the state OF un-
natural depression in which IL has been la
boring lately was considered inevitable by
astute observers. The whole world has been
unloading its long wheat and going short,
and the market acts as 1t always does when
recklessly and heavily oversold. The infor-
nation is now allowed to leak out that
Weist Mcdonald, and the rest of the experts
who were sent through the spring wheat
fields have made unfavorable reports. The
experts report that for fifty miles on either
side of the Mississippi in Iowa, Wisconsin
and Minnesota the crops are completely
ruined; that the production of these states
Will be seriously cut down, but
that the increased acreage in Da-
kOta may make the total production
of that territory as large as last year. 1t is
understood that the reports received by the
great harvesting manufacturing concerns
are in a large measure conlrmatory of these
statements. The causes that produced
change in the speculative tone of the wheat
market having been presented, it only re-
mains to record the course of prices to-day.
The opening range was l41kc above yester-
days closing. First trades in September
were at 70ssc. For half an hour there was
not much spirit to trading and prices ranged
at 709s@701Sc n, to 70A@105z low. Then
the market turned up and continued to ad
vance steadily and strongly to the end, when
n4Mn4ec was the price paid. August
opened at GS14c ranged 6e3s@G9lac, and
closed at the top. October opened at ~ sc
ranged 7214 013c, and closed at 73c. Decem
ber ranged 75ss97G4c,and left Oft at the out
side.
Corn advanced 3fCn16c "over night" and
started in strong and that much higher. The
market continued firm throughout the session
though the closing prices are at decline OF
A@s6 from the extreme outside fig
ures realized. Trading in September be-
gan at 3sS9c. The market worked up to
39c August in the meantime selling from
3ec to 3ol2c, October from 39c to 395sc, and
May from 4O34c to 4lc. Rather free Offering
OF corn brought lower range and caused
reaction OF A@l9c and until nearly the close
of the session the tone was quieter. But
shortly before the end values again hardened
and the last prices were as follows: August
375sc. September 3s94c, October 39c, May 4lc.
These prices are almost identical with the
opening quotations. and mark an advance
on the day of 9s@xc. The most noticeable
feature of the trading to-day was the selling
OF September and buying of May by strong
parties, who believe that there is money in
the straddle. The crop news was not essen
tlally ul1terent from that received yesterday.
Central Illinois seems to be the sorest spot
and advices from other sections are more or
less streaked.
There was stronger market for oats.
Prices are considered intrinsically low, and
in view of the short grass crop and prevail
ing high prices TOR hay, there is developing
an improved investment demand. Spccula-
tive trading was quite liberal all through
and there was widening of the difference
between August and September to fully lc.
At one time changes could not be made at
that. The market opened strong and l493sc
higher, reacted a little under free realizing
sales. and closed }.@9sc above yesterdays
latest bids.
In provisions the interest developed was
confined almost wholly to short ribs. This
article opened at about yesterdays closing
prices, but before the session had advanced
far an unexpected desire was shown to
realize and prices started on the down
track in double quick order. Decline
followed decline, and at the close
prices rested with an actual shrinkage of
17l2a20c. Lard received some attention, but
1t was subordinated to short ribs in the trad
cl0sings were at yesterdays prices to only a
shade easier. Cash pork was again quoted
at $l7.O0. In both lard and short ribs, Au-
gust and September were the principal deliv
cries. August short ribs sold from SSl215 at
the opening down to S7.95 at the close, Sep
tember being quoted 5@l0c over August.
October short ribs sold from S7.91H to
S7.7716, and rested at $50. The range for
August lard was S6.51l5M6.60 and closing at
Der lH6i716c higher. The year pork closed
Mt Sl1.lO. while January pork sold at Sli.55Cr
lI.62i6, November lard at S6.66,
md January short ribs at So gO(05Q5